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Bitcoin analysis for 26/04/2018

The National Audit Office of the People's Republic of China is considering blocking the problem of its current infrastructure described as an "endless cycle of data storage and management," reads the announcement published on the official website. This office is responsible for the control of all government-related financial transactions and the management of a centralized data center that stores the data of each subordinate audit office in the country, at provincial and municipal level. The difficulties that need to be faced in this situation are the "infinite expansion of the required hardware and software for the data center" in order to manage a huge amount of centralized data, as well as a complex and demanding staff system.The article proposes a solution using Blockchain that uses "distributed node consensus algorithms to generate and update data and encryption and decryption algorithms to secure data and access", which would significantly reduce the government's workload. Each subordinate audit office would be assigned as a single node with equal rights and obligations in the collection, maintenance, and management of data. The main data center would only save time stamps and supervise the confidentiality and legality of data operations of subordinate auditors. The article also draws attention to the possibility of using intelligent contracts to automate data management processes.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The Dark Cloud Cover pattern that emerged after the price has hit the level of 61% Fibo at $9,607 resulted in a drop towards the local low at the level of weekly pivot at $8,617. In the current situation, it is worth to keep an eye on the level of $8,355, which is an invalidation level for the main impulsive count. In a case of a clear breakout below this level, the recent move up will be labeled as a three wave corrective pattern and this indicates another slide towards the lower support levels at $,7442 and below.